Barnes & Noble Signs 10-Year Lease At Bridgehampton Commons Shopping Center
2044 Montauk Highway Bridgehampton, New York 11976, USA
Building Size
9,000 SF
Asset Type
Retail
Closing
May 12, 2023
About this deal
AI
Barnes & Noble is set to open a 9,000-square-foot store at Kimco Realty's Bridgehampton Commons shopping center on Montauk Highway in October. The new Hamptons location is part of Barnes & Noble's comeback strategy, which includes opening 30 stores this year and following a smaller footprint format in markets where the usual massive spaces don't make sense.
Summary of transation details
- Property Type: Retail
- Transaction Amount: Not available
- Address: 2044 Montauk Highway
- Market: Bridgehampton
- SF: 9,000
Kimco Realty, represented by Conor Flynn, is the landlord for the property. The tenant, Barnes & Noble, is making a strategic move by opening a new store in Bridgehampton. This expansion is part of their plan to open 30 stores this year and adapt to a smaller footprint format in certain markets. The 10-year lease agreement solidifies Barnes & Noble's return to the retail scene.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93